Question

Use the information in BE4-14 to prepare a statement of retained earnings for Global Corporation, assuming that in 2014, Global discovered that it had overstated 2011 depreciation by $25,000 (net of tax).
In BE4-14
Global Corporation prepares financial statements in accordance with ASPE. At January I, 2014, the company had retained earnings of $529,000. In 2014, net income was $1,646,000, and cash dividends of $660,000 were declared and paid. Prepare a 2014 statement of retained earnings for Global Corporation.